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1、-------通过上述分析,本文提出了浆站资源整合占据资源优势、血浆利用度的提升增加产业链价值、集中度的提升形成行业竞争力三大并购战略,及并购对象的选择标准。最后,论文对上海莱士并购邦和药业这一行业标志性案例进行了解读。对交易双方的交易需求,并购发生的市场条件做了详细论证,并对交易过程中的构架设计与安排进行了分析和总结。本论文的创新在于通过对国内外行业过往及现况分析,提出了未来我国血液制品行业并购的发展方向,以及并购的实施战略。通过实际案例,将血液制品并购中的资本运作流程要要点予以呈现,亦对未来该行业内的并购起到一定借鉴作用。关键
2、词:血液制品,并购战略,交易流程,上海莱士,邦和药业-----------万方数据-----------M&ASTRATEGIESINBLOODPRODUCTSINDUSTRYABSTRACTBloodproduct,whichcomesfrombloodofhealthyhuman,isoneofmajorproductsofbio-pharmaceuticalindustry.Itplaysanirreplaceableroleintreatmentoftumor,hepatophathy,immunopathy,hemoph
3、iliaandhaemorrhageaftermajoroperation,andtreatment&preventionofmanyotherdiseases.Bloodproductindustryownscharacteristicsofresourcescarcity,strictsupervisionandahigherentrybarrier.Currently,developmentofinternationalblood-productmarketisrelativemature,withasupply-deman
4、dbalanceandahighindustrialconcentration;furthermore,variousnewproductshavebeendeveloped,whichimprovesplasmautilizationrate.InChina,biggestfeatureofthisindustryis:demandexceedssupply,andtheindustrymaintainsinhighprosperity.Thereexistmanymiddle/smallscaledcompanies,prod
5、ucinglimitedscopeofproducts.Andcomparedwithinternationalmarket,thereisstillalongwayforutilizationrateofplasmatogo.Market’smajorgrowthmostlydependsonincreaseofupstreamplasmavolumeandproductprice,whichisfarfrommeetingmarket’sactualneeds.Bloodproductindustryitselfhasinte
6、rnalneedsforhighefficiencyofutilization,scaleeffectandconcentrationimprovement,whichprovideabasisforindustrialM&Aintegration.Accordingtoanalysisofindustry-----------万方数据-----------developmentofbloodproductbothathomeandabroad,conditionsforM&Acanbeconcludedasbelow:first
7、,up/downstreamoftheindustryshouldexistinamarket-orientedsupervision;second,prosperityofindustrydependsondemand-supplyrelations;thirdandfinally,technicaladvantageandscaleeffectpushtheindustrydevelopmentforward.Butbefore2012,blood-productindustryinChinadidn’thavesuchmar
8、ketenvironmentforM&A.From2014,atimeofM&AintegrationforChina’sblood-productindustryhascome,withincentivessuchas:twelfthfive-y